This paper investigates the impact of financial inclusion on sustainable firm growth in Northern African countries (Egypt, Morocco, and Tunisia) during the period of 2007–2020. To this end, this study employs a dynamic panel threshold regression (DPTR) model. This model is a panel-data model that can capture different behaviors of data, depending on a threshold variable. The main results showed the existence of a threshold effect. This means that when financial inclusion is low (high), sustainable firm growth is limited (significant) due to the absence (presence) of appropriate financing, information, and financial tools. However, the levels of financial inclusion in North African countries are insufficient and require improvement. Therefore, it is essential for policymakers and managers to continue to promote the quality of financial inclusion by improving access to financial services and the regulatory environment to facilitate firms’ access to financing and support their sustainability.

The aim of this study was to examine the curvilinear relationship between tangible investment and sustainable firm growth in the MENA region, as well as the moderating role of financial inclusion on this connection. To achieve this, we selected a sample of 465 firms over the period 2007–2020. Employing a system GMM model for the empirical analysis, the findings reveal that there is a curvilinear (inverted U-shaped) nexus between tangible investment and sustainable firm growth. Moreover, this study employs a moderating effect model to demonstrate that financial inclusion can enhance sustainable firm growth. The system GMM model further indicates that financial inclusion moderates the curvilinear relationship between tangible investment and sustainable firm growth. This study offers valuable insights for strategic firm planning and policy development, highlighting the role of financial inclusion in promoting firm sustainability.

This paper is interested in examining the impact of corporate social responsibility and governance on corporate financial performance. We selected a panel of 141 worldwide hospitality and tourism firms spanning the period 2012–2018 to assess the effects (direct and indirect) of corporate social responsibility and governance on corporate financial performance (measured in terms of return on assets, return on equity and Tobin’s Q). Although a few studies examine the moderating effect of certain factors, our study fills this gap by examining the moderating effect of governance practices (governance structure and institutional quality) on the nonlinear relationship between corporate social responsibility and corporate financial performance. The results of the system generalized method of moments suggest the existence of a nonlinear, U-shaped relationship between corporate social responsibility and corporate financial performance (return on equity and Tobin’s Q). This nonlinearity is confirmed for corporate social responsibility and corporate financial performance (measured by return on assets). However, this relationship is inverted-U-shaped. Furthermore, our results also show that lagged corporate social responsibility, governance practices, firm-specific variables and macroeconomic variables affect current corporate financial performance. The predictions of stakeholders and agency theories are validated. Given our results, it is recommended that policy makers trade off the benefits and costs of corporate social responsibility and take appropriate financial strategies, thus enabling value creation for their companies.